REG - Sabien Technology - Half-year Report for the 6 months to 31 Dec 2025
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RNS Number : 8149Y Sabien Technology Group PLC 31 March 2026
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION
11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310
31 March 2026
Sabien Technology Group Plc
("Sabien", the "Company" or the "Group")
Unaudited Interim Results for the six months ended 31 December 2025
Sabien Technology Group plc (AIM: SNT), the company focused on a green
aggregation strategy, today announces its unaudited interim results for the
six-month period ended 31 December 2025 (the "Period"). Comparative figures
are shown for the comparable period in the previous financial year unless
otherwise stated:
Financial highlights
6 months to 31 December 2025 6 months to 31 December 2024 Year to
30 June
2025
Unaudited Unaudited Audited
Sales revenue £'000 504 334 847
Sales orders received £'000 493 280 854
Gross profit margin % 62 67 65
Net loss after tax £'000 (209) (377) (647)
Cash at end of period £'000 37 15 67
Executive Chairman's Statement
The first half of FY26 represents a period of meaningful progress for Sabien,
with strong revenue growth, a materially reduced loss, and continued
advancement in positioning the Group for its next phase of development.
Our M2G Cloud Connect business is performing well. The transition to a
channel-led model is proving its worth: revenues are growing, the pipeline is
active, and the technology is increasingly valued by facilities managers who
need to demonstrate real, measurable carbon reduction across their estates.
But it is City Oil Field's Regenerated Green Oil technology, and Sabien's
exclusive commercialisation rights in the UK and Arizona, that I believe has
the potential to be genuinely company-defining. The scale of the global
plastic waste crisis is well understood. What is less well understood is that
a commercially proven solution now exists. COF's first full-scale plant in
Korea has achieved full certification and is in production. A technology that
was a concept five years ago is now a commercial reality, validated at scale.
And we hold the rights to bring it to some of the world's most important
markets.
Each modular RGO plant converts 24 tonnes of waste plastic per day into
high-quality oil and naphtha: plastics that would otherwise go to landfill or
incineration. The economics are compelling, the environmental case is clear,
and the regulatory environment in both the UK and the US is increasingly
supportive of exactly this kind of circular economy solution. We are in
advanced discussions with partners in both territories, and I expect to be
able to report further progress in the coming months.
I am conscious that Sabien is a small company and that the journey to
commercialise a technology of this scale takes time and capital. We remain
reliant on the continued support of Parris Group Limited and on converting our
M2G pipeline into revenue at the pace our forecasts anticipate. The second
half of FY26 will require the same discipline and execution that has driven
the progress of the first half, and I do not take that for granted. But the
direction of travel is clear, and I am confident that we are building
something of real and lasting value.
I thank our shareholders for their continued patience and support.
Strategic and Operational Overview
Financial Results
Revenue for the Period was £504k (H1 FY25: £334k), an increase of 51%. Sales
orders received of £493k and invoices raised of £491k were both materially
ahead of the comparable period. The gross profit margin of 62% was slightly
below the 67% achieved in H1 FY25 and the full year FY25 outturn of 65%,
reflecting a change in the mix of work undertaken in the Period; the
underlying margin of the M2G business remains healthy. The net loss after tax
reduced significantly to £209k (H1 FY25: £377k), reflecting both the higher
revenue and our continued focus on cost discipline. The operating loss of
£196k compares favourably with £270k in the comparable period and £456k for
the full year to 30 June 2025.
Cash at the end of the Period was £37k (30 June 2025: £67k; H1 FY25: £15k).
The Group announced additional working capital support from Parris Group Ltd
during the Period, The Statement of Financial Position reflects a net
liabilities position of £304k (30 June 2025: £112k), which is underpinned by
the support from Parris Group Ltd.
M2G Cloud Solutions - Operational Progress
The M2G Cloud Connect business has continued to demonstrate the strength of
the partner-led channel model introduced in recent years. Revenue growth of
51% in the Period reflects the increasing productivity of this approach, with
our key facilities management partner remaining the Group's most significant
route to market.
The M2G Cloud Connect platform continues to evolve. Its ability to provide
real-time CO₂ savings data, advanced boiler analytics, and seamless
integration with clients' portfolio management systems positions Sabien well
as the built environment transitions towards smarter, AI-enabled
infrastructure. We continue to invest in the next generation of the M2G
device, which will integrate remote commercial boiler management within a
single Cloud-enabled unit, further shortening sales and installation cycles
and enhancing the recurring revenue profile of the business.
City Oil Field (COF) Partnership - Plastic to Oil
Our second strategic pillar - the commercialisation of City Oil Field's (COF)
Regenerated Green Oil (RGO) technology through our dedicated vehicle b.grn
Group Limited - has continued to develop during the Period. This technology,
which converts mixed waste plastics into high-quality sustainable oil and
naphtha through a non-combustion catalytic process, represents a significant
long-term opportunity for the Group.
COF's inaugural commercial plant in Jeongeup, South Korea, has achieved full
international certification (ISCC PLUS, PSM, KTL) and entered full-scale
operations. This transition from concept to commercial reality is a pivotal
milestone. The Korean facility's funding at a valuation of approximately $72m
reflects the strength of investor confidence in the technology and underpins
the value of Sabien's exclusive rights in the UK and Arizona, extended until
2029.
Progress in identifying and progressing first commercial sites continues.
Discussions remain ongoing in relation to potential UK locations and the
Phoenix, Arizona project. b.grn has signed memoranda of understanding with a
UK waste management business and a UK water utility company, both of which
could provide plastic feedstock and site infrastructure support. The project
remains pre-revenue, and the Board continues to monitor progress carefully
against development milestones.
Portfolio and Funding
The Group's portfolio is now focused entirely on its two core pillars: M2G
Cloud Connect and the COF RGO plastic-to-oil opportunity. This focus is
deliberate and reflects our commitment to deploying capital where it can
generate near-term returns.
The Group continues to be supported by Parris Group Limited, which has
provided loan facilities and, since November 2025, an invoice factoring
facility on flexible commercial terms.
The Board is grateful for this continued support, which provides the working
capital foundation necessary to pursue the Group's growth strategy.
Current Trading and Outlook
The first half of FY26 has demonstrated that Sabien's commercial model is
gaining real traction. Revenue at £504k for the six-month Period already
represents approximately 60% of the full year FY25 outturn of £847k. Whilst
the Board is encouraged by this performance, it cautions that the H1 rate of
growth should not be extrapolated into H2. The pipeline conversion that
underpins our forecasts has historically been subject to timing uncertainty,
and sales cycles can be extended.
The Board's focus for the second half of FY26 is the continued conversion of
the M2G sales pipeline, further development of the COF RGO commercialisation
programme, and maintaining the cost discipline that has contributed to the
significant improvement in the Group's loss position in the Period.
Richard Parris
Executive Chairman
31 March 2026
For further information:
+44 20 7993 3700
Sabien Technology Group plc investors@sabien.com (mailto:investors@sabien.com)
Richard Parris, Executive Chairman
Allenby Capital Limited (Nominated Adviser)
John Depasquale / Nick Harriss / Vivek Bhardwaj +44 203 328 5656
Peterhouse Capital Limited (Broker) +44 207 469 0930
Duncan Vasey / Lucy Williams
Sabien Technology Group Plc
Unaudited Condensed Group Statement of Comprehensive Income for the period
ended 31 December 2025
Notes 6 months to 31 December 2025 6 months to 31 December 2023 Year to
30
June
2025
Unaudited Unaudited Audited
£'000 £'000 £'000
Revenue 504 334 847
Cost of Sales (192) (110) (297)
Gross Profit 312 224 550
Administrative expenses (508) (494) (1,006)
Operating loss (196) (270) (456)
Other income - - -
Finance cost (13) (12) (26)
Finance income - - -
Impairment loss - investments - (100) (101)
Impairment loss - intangibles - - (91)
Loss before tax (209) (382) (674)
Tax credit - 5 27
Loss for the period attributable to equity holders of the parent company (209) (377) (647)
Other comprehensive income for the period - - -
(209) (377) (647)
Total comprehensive income for the period
Loss per share in pence - basic 3 (0.78)p (1.51)p (2.41)p
Loss per share in pence - diluted 3 (0.78)p (1.51)p (2.41)p
Sabien Technology Group Plc
Unaudited Condensed Group Statement of Financial Position as at 31 December
2025
Notes 31 December 2025 31 December 2024 30 June
2025
Unaudited Unaudited Audited
£'000 £'000 £'000
ASSETS
Non-current assets
Property, plant and equipment 1 - -
Other intangible assets 126 106 141
Investments 193 282 193
Total non-current assets 320 388 334
Current assets
Inventories 3 26 3
Trade and other receivables 243 196 211
Cash and cash equivalents 37 15 67
Total current assets 283 237 281
TOTAL ASSETS 603 625 615
EQUITY AND LIABILITIES
Current liabilities
Trade and other payables 451 405 438
Borrowings 406 239 239
Provisions for liabilities 70 - 50
Total current liabilities 927 644 727
Non-current liabilities
Borrowings - 18 -
Total non-current liabilities - 18 -
EQUITY
Equity attributable to equity holders of the parent
Share capital 4 3,716 3,663 3,716
Other reserves 4,296 4,202 4,299
Retained earnings (8,336) (7,902) (8,127)
Total equity (324) (37) (112)
TOTAL EQUITY AND LIABILITIES 603 625 615
Sabien Technology Group Plc
Unaudited Condensed Group Cash Flow Statement for the period ended 31 December
2025
6 months 6 months Year
to to to
31 December 2025 31 December 2024 30 June
2025
Unaudited Unaudited Audited
£'000 £'000 £'000
Cash flows from operating activities
Loss after taxation (209) (377) (647)
Adjustments for:
Depreciation and amortisation 15 31 38
Impairment loss on investments - 100 101
Impairment loss on intangibles - - 91
Foreign currency reserve movement (3) (1) -
Taxation - (5) (27)
Finance cost 13 12 26
Equity settled current liabilities - - 307
Decrease / (increase) in trade and other receivables 25 (39) (33)
Increase in inventories - 44 71
Increase / (decrease) in trade and other payables 158 72 (18)
Net cash outflow from operating activities (1) (163) (91)
Cash flows from investing activities
Purchase of intangible assets - (8) (8)
Loan advance to associated undertaking - 2 2
Research and development corporation tax refund - 23 22
Purchase of fixed assets (1) - -
Net cash from/ (used) in investing activities (1) 17 16
Cash flows from financing activities
Repayment of borrowings (15) (18) (36)
Interest paid (13) (21) (22)
Proceeds from borrowings - 100 100
Net cash (used in) / generated by financing activities (28) 61 42
Net decrease in cash and cash equivalents (30) (85) (33)
Cash and cash equivalents at beginning of period 67 100 100
Cash and cash equivalents at end of period 37 15 67
Sabien Technology Group Plc
Unaudited Condensed Group Statement of Changes in Equity as at 31 December
2025
Share capital Share premium Other reserves Retained earnings Total equity
£'000 £'000 £'000 £'000 £'000
Balance at 1 July 2024 3,608 4,091 (4) (7,480) 215
- - - (377) (377)
Loss for the period
1 July 2024 to
31 December 2024
Share issue 55 116 - - 171
Balance at 31 December 2024 3,663 4,207 (4) (7,857) 9
- - - (270) (270)
Loss for the period
1 January 2025 to 30 June 2025
Share issue 53 83 - - 136
Foreign exchange variance - - 13 - 13
3,716 4,290 9 (8,127) (112)
Balance at 30 June 2025
- - - (209) (189)
Loss for the period
1 July 2025 to
31 December 2025
Forex (3) (3)
3,716 4,290 6 (8,336) (324)
Balance at 31 December 2025
Sabien Technology Group Plc
Notes to the Financial Statements for the period ended 31 December 2025
1. Accounting policies
The interim financial information has not been audited or reviewed by the
auditors and does not constitute statutory accounts for the purpose of
Sections 434 and 435 of the Companies Act 2006.
The financial information in this document has been prepared using accounting
principles generally accepted under International Financial Reporting
Standards and is consistent with those used in the preparation of the most
recent annual financial statements.
These interim financial statements for the six-month period ended 31 December
2025 have been prepared using the historical cost convention, on a going
concern basis and in accordance with applicable UK adopted International
Financial Reporting Standards.
The financial statements for the year ended 30 June 2025 have been delivered
to the Registrar of Companies and filed at Companies House and the auditors'
report on those financial statements was unqualified. The auditors' report
did not contain a statement made under Section 498(2) or Section 498(3) of the
Companies Act 2006.
2. Going concern
The key financial performance indicators for the Group in relation to going
concern are revenue from its M2G energy saving devices; net loss after
taxation and net cashflow. During the Period, whilst turnover increased to
£0.50m from £0.33m in the comparative period the net loss after taxation was
£0.21m (comparative period: £0.38m), and net cash and cash equivalents
increased by £0.02m (comparative period: £0.09m). The Statement of
Financial Position shows a net liabilities position of £0.3m (comparative
period: £0.04m) but the company has the ongoing support of key creditors.
The directors have prepared cash flow forecasts to 30 December 2027 based on
the conversion of sales pipeline to contracted sales revenue and the
expectation of repeat orders from existing customers.
Historically the Group's conversion of sales pipeline has been uncertain with
long lead times. The directors are confident that the sales pipeline will be
converted into sales revenue in accordance with the cash flow forecasts and
that the cash flow forecasts confirm that the Group will have sufficient
working capital to settle its liabilities as they fall due for a period of not
less than twelve months from the date of the approval of these consolidated
financial statements. Consequently, the consolidated financial statements have
been prepared on a going concern basis. However, the uncertainty of the timing
and conversion of the sales pipeline casts significant doubt on the ability of
the Company and Group to continue as a going concern.
3. Segmental reporting
Based on risks and returns, the directors consider that the primary reporting
business format is by business segment which is currently just the supply of
energy efficiency products, as this forms the basis of internal reports that
are regularly reviewed by the Company's chief operating decision maker in
order to allocate resources to the segment and assess its performance.
Therefore, the disclosures for the primary segment have already been given in
interim financial information. The secondary reporting format is by
geographical analysis by destination. Non-UK revenues amounted to £0.01.
During the period, sales to the Group's largest customers were as follows:
Sales revenue % of total revenue
£'000
Customer 1 275 55
Customer 2 80 16
Customer 3 54 11
Customer 4 25 5
4. Loss per share
The calculation of the basic loss per share is based on the loss attributable
to the ordinary shareholders, divided by the weighted average number of shares
in issue in the period.
6 months to 31 December 2025 6 months to 31 December 2024 Year to
30
June
2025
Unaudited Unaudited Audited
£'000 £'000 £'000
Loss for the period (209) (377) (647)
Basic and Diluted:
Weighted average number of shares in issue 26,793,485 25,027,383 26,793,485
Loss per share - basic and diluted (0.78)p (1.51)p (2.41)p
5. Share capital
The Company's issued Ordinary share capital is:
Amount No. of New Ordinary Shares of 3p each No. of Deferred Shares of 4.5p each No. of New Deferred Shares of 0.49p each
£'000
Allotted, called up and fully paid:
At 31 December 2025 3,716 26,793,485 44,004,867 190,254,867
At 30 June 2025 3,716 26,793,485 44,004,867 190,254,867
At 31 December 2024 3,663 25,027,383 44,004,867 190,254,867
6. Share options
At the period end date, there were no options outstanding (31 December 2024:
nil; 30 June 2025: nil).
7. Seasonality
The business of the Group is not seasonal.
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